Pharma Supply Chains: Leveraging AI to Maximize Efficiency
Did you know Artificial Intelligence (AI) can help pharma reduce manufacturing cost by 15–30% and personnel cost by 50–70%? 1. A manufacturing strategy called lights-out manufacturing minimises human presence in factories. AI is set to alter the pharma supply chain sphere dynamically. They are in an excellent position to capture 70% of the future value2.
In the past, manufacturing companies have initiated digital shifts in the supply chain. And they’ve all had one likeness — untapped data and technological breakthroughs. They all leverage technologies such as advanced analytics, AI, and blockchain. But pharma companies are yet to make any bold moves.
AI is transforming the supply chain through real-time data processing and decision-making. This would make supply chains data-driven by reducing human subjectivity and bias. Read along as we explore how AI improves MRO procurement and optimises the supply chain.
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Transforming Pharma Supply Chains
The pharma supply chain generates massive amounts of data, which must be utilised more. Processing data with AI will support real-time decision-making and improve operational efficiency. Plus, it will create a cost-effective and near-autonomous supply chain.
Here are a few critical supply chain processes where AI will likely have the highest impact.
- Optimising Inventory: To optimise the supply chain, you must accurately adjust inventory levels. Use advanced AI tech, such as predictive analytics, to track the state of drugs. This will enable you to take proactive measures if the supply chain encounters obstacles.
- Boosting Efficiency: Visibility across the supply chain means knowing the status of every transaction and demand trigger. Regardless of the logistics movement, you should know the state of the drug. One can achieve this via supply chain control towers serving centralised hubs. You can use these hubs to audit, track, and generate insights to boost efficiency.
- Achieving Quality Excellence: Pharmacos face challenges due to quality, safety, or compliance issues. AI-enabled predictive maintenance can cut this. It can provide information and insights into operations, equipment performance, and forecasting faults. This can help you improve operational effectiveness, thus improving your bottom line.
It’s a no-brainer for pharma cos to embrace AI and unlock its potential to meet market demands.
A case in point is this leading vaccine manufacturer from India. It faced high inventory holding and volatile monthly MRO procurement spending. After collaborating with Moglix, it reduced inventory costs by 10%. Click here to schedule a demo and see how to team up with Moglix to make your supply chains resilient.